Joint Interests definition
Examples of Joint Interests in a sentence
This Agreement governs, among other things, the respective rights and obligations of the Parties with respect to the funding, development and operation of the Joint Interests.
The Parties shall execute and deliver the Memorandum from time to time as additional interests are acquired as part of the Joint Interests.
Atlas’s share of Hydrocarbon production from the same lease, Drilling Unit or acreage related to the Joint Interests is herein referred to as the “Atlas Production”.
To the extent that a Party is not prohibited pursuant to any third party agreement or applicable law, such Party will provide to any other Party, upon request, all seismic and geological data and other similar information including drainage data, seismic surveys, geological and geophysical maps, shot point location maps, information regarding fracing of ▇▇▇▇▇ and related information regarding the development and operation of the Joint Interests that such Party may possess.
Except as provided in Section 2.5, the costs of any such information for the Joint Interests obtained following the Effective Date will be Development Costs to be borne by the Parties.
For the avoidance of doubt, nothing in this Section 7.4 shall prevent a Party from transferring Joint Interests in accordance with the terms and conditions of this Agreement.
With respect to the Joint Interests for which Atlas is entitled to be Development Operator pursuant to the preceding sentence, Atlas or such wholly-owned Subsidiary of Atlas Parent as Atlas shall designate shall serve as operator under the ▇▇▇▇.
The Parties agree to cooperate in good faith and execute such documents and to take such action as may be required to have the assignments and any other documents which are necessary or helpful to establish, for purposes of public notice, Reliance’s rights in the Joint Interests filed of public record in the conveyance records of the applicable townships and counties.
In the event there are leases in which both Parties continue to hold an interest relating to the Joint Interests that remain in effect upon termination pursuant to Section 11.1, as to which a JOA has not been executed, Atlas and Reliance shall execute JOAs covering any such leases.
Each Party, acting in its capacity as a Development Operator pursuant to the terms of this Agreement, will propose that the Parties enter into ▇▇▇▇ in a reasonably efficient manner as the Development Operator shall determine, taking into account the aggregate acreage to be contributed by the Joint Interests to such JOA area and the various interests in such contributed acreage.